I came across this information recently. It represents a summary of macro issues concerning our aging senior population…

“Increased access to private pay options will be critical to funding care for a rapidly growing senior population.

The growing senior population is increasing demand for senior care services. Medicare and Medicaid will only cover certain forms of care for those that can qualify. The Senior Living industry will need to do more to help educate the consumer about available options to “private pay” for senior care services.

Programs such as the Veteran’s Aid and Attendance Benefit, converting life insurance policies into a Long Term Care Benefit Account, Long Term Care Insurance and Annuities, senior loans and accessing equity in homes, as well as creating incentives to do more with savings, income and investments are all critical parts of how seniors today, and in the future, will be able afford the costs of senior care and housing.”

One of the major messages here…seniors have to take the responsibility to plan for their own living and health related expenses as they age. There is no “golden parachute” from the government or any other source. Elders need to financially plan for the living expenses associated with aging.

– John D. Miller is the founder/owner of Home Care Partners, LLC, a Massachusetts business providing private duty, personalized in-home assistance and companion care services to those needing help in daily activities and household functions. He can be reached at: (781) 378-2164; email: jdmiller@homecarepartners.biz ; or online at: www.homecarepartnersma.com